Earlier this month, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) unveiled final rules and guidance to facilitate the implementation of the Financial Accountability Regime (FAR).
Replacing the Banking Executive Accountability Regime (BEAR), FAR establishes a responsibility and accountability framework for regulated entities in banking, insurance, and superannuation, along with their directors and senior executives. The regime aims to enhance risk and governance cultures within these institutions by requiring that executives take ownership of them.
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